2012.11.09 management by trust - peter maas
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Transcript of 2012.11.09 management by trust - peter maas
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Management by Trust:
The Case of a Dutch
Insurance Company
Bruno Käslin
Peter Maas
Albert Graf
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 2
© I.VW-HSG
Agenda
Market perception / expectation
Concept of trust
Research methodology
Case Study: Interpolis
Results
Managerial and research
implications
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 3
© I.VW-HSG
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 4
© I.VW-HSG
„Insurance companies are huge and clumsy
organisations who are just not there when
you need them.“
which means: one never knows
what to expect!
‘and if they help you they do it very slowly’
‘they are all the same’
‘you’re just a number’
‘no idea about what is covered’
‘they make huge profits, that are paid by us, the customers!’
‘you have to pay attention to the details!’
Market perception
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 5
© I.VW-HSG
Market expectations
‘I want them to keep their promises!’
‘actively think together with me!’
‘concrete problem solving’
‘offer clarity, which enables me to
make the right choice’
‘tell me what‘s it about!’
‘they have to help me when I really need them‘ Trust is of
utmost
importance
in an
insurance-
client-
relationship
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 6
© I.VW-HSG
The construct of trust Trust is defined as an accumulation of overall positive expectations which are commonly
shared among several relationship partners (individuals, groups or organisations) and
which is borne by the confidence, that no party will
take advantage of / capitalize on / exploit the other parties‘ vulnerability.
Competitors Insurance company
Clients
Employees
3
1
2
1 Culture of
trust
2 Experience-
based trust
3 Reputational
trust
4 General trust
Politics
Media
Shareholders
Social environment
4
Source: Hubschmid 2002
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 7
© I.VW-HSG
Value creation through trust: three levels
Customer
Employee Company
Source: Irons 1992
Culture of trust
• History and future of organisation
• Success of organisation
• Organisation of work
• Style of leadership
• Politics of service
• Company culture
Reputational trust
• Positive image
• Reputation
• Third parties
• Branding
• Ongoing
communication
• Size
• Shared values
Experience-based trust
• Length of relationship
• Contact frequency
• At a personal level:
• Integrity
• Competence
• Expertise
• Openness
• Fairness
• Sympathy
• Affinity
• Reciprocity
• etc.
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 8
© I.VW-HSG
Research Methodology: Case Study
Methodology:
Case Study Research (Eisenhard)
Qualitative methods including interviews, desk-research, company headquarter
visits
Goals:
What is the concept of trust in the insurance industry?
How should an insurance company proceed in raising the general level of trust?
How does a business profit from a higher level of trust?
Interpolis:
One of the largest and most innovative providers of insurance, old-age
provisions and staff availability services (reintegration, absenteeism,
occupational health and safety, etc.) in the Netherlands, also active in Ireland,
Luxembourg and Portugal
6,000 workers at Interpolis
Turnover of € 5 billion euros in 2003
Interpolis has been part of the Rabobank Group since 1990 and is a co-
operative membership institution
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 9
© I.VW-HSG
Interpolis: A Dutch Insurance Company
Trust-Level 1: Company and employees
– Corporate culture: The four „V“s:
• Vertrouwen (confidence, trust)
• Vrijheid (freedom)
• Verantwoordelijkheid (responsibility)
• Verbondenheid (solidarity)
– Building an inspiring „micro city“ environment: working,
conferencing, discussions, meeting people, relaxing and
eating
– Internal communication
– Employee selection
Customer
Employee Company
Employee Company
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 10
© I.VW-HSG
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 11
© I.VW-HSG
Interpolis: A Dutch Insurance Company
Trust-Level 2: Employees and customers
– Main goal: Creation of customer value
– Each customer is cared for by one of the Rabobank
branches
– Clear and open communication with clients
– All insurance policies are formulated not in an
incomprehensible judicial jargon but simply and clearly
– Claims-management:
• Goal: 1 day settlement
• No detailed checks
• Highly-sophisticated fraud-detecting systems
• Countrywide database for fraudster
Customer
Employee Company
Customer
Employee
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 12
© I.VW-HSG
Interpolis: A Dutch Insurance Company
Trust-Level 3: Company and customers
– Branding: „Interpolis. Crystal clear“
– A very transparent range of products, e.g. the
all-in-one-policy
– Customers are seen as members and they are able to talk
about their needs and wishes, dislikes etc.
Customer
Employee Company
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 13
© I.VW-HSG
Interpolis: Some impressions
The working environment
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 14
© I.VW-HSG
Results
Interpolis attributes a large part of its market success to the existence of a culture of trust
Ability to communicate actively with customers and employees:
Satisfied customers
Satisfied employees
A company culture has been developed, which promotes innovations, lowers costs and significantly contributes to a positive performance
30% more employees compared to traditional office
Not a restaurant with 1.500 seats
Less absence, less employee turnover
Steady growth
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 15
© I.VW-HSG
Implications...
... for researchers A comprehensive research model on management by trust in
the insurance industry must consider different levels of trust: internal culture of trust, reputational trust, experience-based trust
Open and clear communication – among other factors – has a great impact on internal and external trust relations
Implications are limited: Case in the Dutch insurance industry
... for managers Trustworthy relationships sustainably enhance the company‘s
success and lowers costs of control
Insurance companies should not only care about trustworthy shareholder relationships but also cultivate an internal culture of trust and foster trustworthy relationships with clients
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 16
© I.VW-HSG
Debriefing: Learnings from the Interpolis case
When you think back to yesterday’s visit...
Why did Interpolis embark on this change journey?
What operating model does Interpolis basically pursue (OpEx, customer intimacy, product leadership)? Why?
Which are the success factors of the Interpolis story?
Which aspects of the Interpolis case would you like to translate to your organisation? What could enable the success of such a transfer?
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MBA FSI
Module 1
Interpolis Case
Nov. 9, 2012
Page 17
© I.VW-HSG
Thank you for your attention!
Questions?